Tds on contractor and others
This query is : Resolved
01 March 2014
Incase of tds deduction, an organisation has deducted tds at 2% and deposited the same with Govt. However, it the rate of tds should be 10% instead at 2%. Will the expenditure be disallowed under sec 40 a of Income Tax Act, if the ITO wants wrong deduction of tds
01 March 2014
If you have deducted TDS u/s 194c but should be deducted u/s 194J, then to clear defaults you need to deduct and deposit the same. You also need to file correction statement. After clearing of the default, expenses will be allowable u/s 40(ia).
01 March 2014
Thanks sir for your kind reply
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